Intertemporal Substitution in Travel Cost Models with Seasonal Time Constraints
开发了一个季节性旅行成本模型，允许时间价值随季节变化，并利用墨西哥湾休闲垂钓者的调查数据估计模型，发现夏季时间价值平均比其他季节高55%，使用恒定时间价值会显著影响福利估计。
Travel cost models using the wage rate to value time make the implicit assumption that the value of time is equalized throughout the year. We develop a seasonal travel cost model that allows the value of time to vary by season. We estimate the model using data from a survey of recreational anglers in the Gulf of Mexico. We find that people’s value of time is 55% larger on average in the summer compared to other times of year and find substantial differences in derived welfare estimates if a time-constant value of time measure is used instead.